Safety Deposit Box questions

[ALR-bishop]

I was once the executor of an estate where the the deceased had his papers in a safety deposit box in a bank vault that filled with water during a flood. Fortunately his box was high up and stayed dry. Lower boxes were under water for awhile and any paper items in them destroyed. This was complicated further for even the upper boxes by electricity being out for an extended time resulting in high temps and humidity.

The other issue is what happens if there is a fire. What safeguards does the bank have in regard to the vault and the boxes. Admittedly these are rare events but because of that experience my boxes are well off the floor and I check the banks procedures for dealing with high water, from any source, fires, and electrical interruptions.

Also, you may still need insurance. My experience is banks do not offer any coverage for items in the boxes, since what is in them in unknown except to the owner(s)

I think there are prior threads in here discussing this question

[ullmandds]

i've had a safety deposit box at my bank for years...never had a problem just putting them in there in their holders. But in light of what's been said...and to be extra cautious you can place some of those dessicant packages in there to aid with moisture and maybe place the cards in dry bags of some sort?

[Directly]

This bank vault stored potentially $100,000 plus worth of vintage football cards--mother nature said sorry no more ! This bank vault didn't save them from the flood! Check for any potential unexpected dangers as flooding.

[BruceinGa]

After hearing stories of banks being flooded I took a second look at my bank. It's is situated on a hill so a natural flood is doubtful. A burst pipe might be a different story.
I have one large box, 10"x10"x20" and just last week I rented another at another bank, half the size of the first.
I made the decision to go with safe deposit boxes after seeing the cost of collectable insurance.

[Kenny Cole]

Originally Posted by BruceinGa

After hearing stories of banks being flooded I took a second look at my bank. It's is situated on a hill so a natural flood is doubtful. A burst pipe might be a different story.
I have one large box, 10"x10"x20" and just last week I rented another at another bank, half the size of the first.
I made the decision to go with safe deposit boxes after seeing the cost of collectable insurance.

Me too. I have the same size SDB and have filled it to capacity, so I need to rent another one,. $90 a year is better than the coverage price and, as a lawyer who exclusively handles insurance issues, the carrier is likely to screw you anyway if its a big claim IMO. I don't like the fact that the cards aren't instantly accessible but I have scans and the bank is't that far away, I thought about it quite a bit but I decided that was the best option for me. Other people might reach a different decision.

[ejharrington]

One question: are PSA / SGC slabbed cards waterproof?

[silvor]

Originally Posted by ejharrington

One question: are PSA / SGC slabbed cards waterproof?

No

[silvor]

Originally Posted by Directly

This bank vault stored potentially $100,000 plus worth of vintage football cards--mother nature said sorry no more ! This bank vault didn't save them from the flood! Check for any potential unexpected dangers as flooding.

In fairness, if my cards were in my house the same thing would have happened, right?

I understand nothing is 100% safe. Just trying to reduce my risk. It really doesn't flood here unless you are by a river (which I am not). Theft and fire are the biggest concerns. And keeping them in a fire safe, not sure that is good. My neighbor got robbed, and the first thing they went for is the safe. Got in and stole everything.

[Leon]

You can always put your cards in large Zip Lock baggies in your safe deposit boxes, just in case of water. I have done that before. But never a problem with a Bank Safe deposit box and that is where I kept my collection when it was more valuable.

[Bieg]

This company insure whatever is in your Safe Deposit box for an agreed amount. When my wife was looking to ensure her collection we discovered this company. Safe Deposit boxes are not insured by the FDIC so you are on your own. They don't care what is in the box. Whatever is in it if destroyed or stolen will be covered for whatever the agreed amount is.

https://safedepositboxinsurance.com

[T206Collector]

I love my SDB. I keep a few desiccant packages in there for good measure.